Where would I be able to find investors wanting to sell big apartment complexes with at least 100 units or bigger in size??
I have an investor looking to dump 30 MIL to avoid capital gains. Sure would be nice to find something for him.
I hope that 30 mil is still tied up in a property, and not sitting somewhere, waiting to be allocated. :o
Also, take a look at loopnet.com. Its free, and while most of the time the numbers for those deals won’t work, you might get lucky. Consider calling some of the commercial brokers in the market that your friend wants to dump his money for leads (especially the highly sought after pocket listings). Just some ideas.
How exactly are they going to avoid capital gains? Even if they buy a property today they still pay capital gains on the money they made.
The 1031 exchange may help, but since you’re not sure what property they are buying are you sure he’s exchanging it for like-kind?
Like kind simply means real estate for real estate. Not Stock for Stock in a tax deferred 401K or something like that.
There are some more details on it, but that is the general concept behind it.
Ryan,
Not to put to fine a point on it but so as not to confuse:
Not only does a like-kind transaction involve “real estate for real estate”, it must satisfy, the IRS as to ‘like-kind’…
To qualify as a like-kind exchange, you must hold for business or investment purposes both the property you transfer and the property you receive. There must also be an exchange of like-kind property. For more information, see Like-Kind Exchanges in Publication 544.
So, you cannot exchange investment property for residential…
Keith
So this investor made 30 million during the last 90 days (the limit on 1031 exchanges) selling real estate (on a single transaction) and wants to purchase a property for at least 30 million that is a multi unit investment property? More information is needed. Like I said before, you can’t just go buying $30 million worth of real estate to wipe out capital gains on a previous deal. There are some rules (1031 exchanges including like kind, time frame, how the property was held, etc.) that have to be met first.
check out HUD website; places all over the country; unti to 250 units
THANX FELLAS!!
I am just doing this for a friend. He says his uncle “millionaire” needs something for his 1031 exchange, suppose he just sold one of his complexes…he knows I do pre-foreclosures, so he asked me where to find a multi-family unit for around 30 MIL!! I have never dealt with anything like that. I have no clue I say. Ohh to have that kind of money,…someday! Well anyways I sent him to loopnet and said I want my 3% if he takes anything from there…If I get it I will have to split it up with everyone in this thread!!
aak, that hud site…wow.
you have experience in those type acquisitions?
email me.
bad news in the 1031 exchange dept, jb…if your uncle already sold then 1031 is not option.
aak is right…if you want to do a 1031 you need to know that and set it up BEFORE the sale…
I would think that someone with $30M would seek out professional help for guidance.
Keith
actually i think someone with 30 million already knows what they’re doing.
The original posters question wasn’t to provide the rich uncle advice, but more likely to figure out how to hook up his uncle with another investor and get some sort of referral goodwill/fee/cash out of it.
I recommend you start going to real estate clubs in the area you live and networking as much as you can. it might be tough to develop a reputation overnight, but you need to establish yourself as someone who hooks up investors with deals [or the other way around].